Table of Contents
Introduction 2
Option Terms and Concepts 4
 What is an Option? 4
 Long 4
 Short 4
 Open 4
 Close 5
 Leverage and Risk 5
 In-the-money, At-the-money, Out-of-the-money 5
 Time Decay 6
 Expiration Day 6
 Exercise 6
 Assignment 6
 What’s the Net? 7
 Early Exercise/Assignment 7
 Volatility 7
Strategies 8
 Long Call 8
 Long Put 10
 Married Put 12
 Protective Put 14
 Covered Call 16
 Covered Put 18
 Bull Call Spread 20
 Bear Put Spread 22
 Collar 24
Glossary 26
For More Information 28